8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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Date of Report (Date of earliest event reported):  December 16, 2009
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Dell Inc.
(Exact name of registrant as specified in its charter)

Delaware	0-17017	74-2487834
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

One Dell Way, Round Rock, Texas 78682

(Address of principal executive offices)     (zip code)

Registrant’s telephone number, including area code:  (800) 289-3355

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01.  Regulation FD Disclosure.

Dell Inc. (“Dell”) is furnishing under this Item 7.01 a press release and a copy of an investor presentation for the December 16, 2009 Perot Systems Corporation integration conference call.  The press release and the investor presentation are furnished herewith as Exhibits 99.1 and 99.2.

The investor presentation contains information about Dell’s non-GAAP net income and non-GAAP earnings per share, which are not measurements of financial performance under accounting principles generally accepted in the United States (“GAAP”).  Non-GAAP net income and non-GAAP earnings per share, as defined by Dell, represent net income and earnings per share as adjusted to exclude acquisition expenses related to Dell’s acquisition of Perot Systems Corporation (“Perot Systems”), amortization of purchased intangible assets related to Perot Systems as well as prior acquisitions, organizational effectiveness costs, and stock option accelerated vesting charges.  Organizational effectiveness costs include severance and facility actions.  Acquisition expense related to Dell’s acquisition of Perot Systems consists of acquisition related cash compensation payments, retention bonuses, integration costs, bankers’ fees, legal fees, and consulting fees.  The investor presentation contains a quantitative reconciliation of non-GAAP net income and non-GAAP earnings per share to net income and earnings per share as reported on a GAAP basis.

As a result of Dell’s acquisition of Perot Systems, Dell incurred significant amounts of acquisition related expenses and will be amortizing a significant amount of purchased intangible assets.   Management does not consider these items to be fundamental to Dell’s operating performance and as such excludes these items when evaluating Dell’s operating performance.   In addition, Dell has been, for recent quarters, providing the effects of organizational effectiveness costs, and in the fourth quarter of Fiscal 2009, stock option accelerated vesting charges, to investors to supplement GAAP financial information because Dell’s management evaluates the operating performance of the company without these items.  Beginning in the fourth quarter of Fiscal 2010, Dell will provide investors with supplemental non-GAAP financial measures and include a reconciliation to their most directly comparable GAAP financial measures.

Dell has included non-GAAP net income and non-GAAP earnings per share in the furnished presentation to provide information to investors that is consistent with the information Dell’s management uses to evaluate operating performance.  Dell uses non-GAAP financial measures such as non-GAAP net income and non-GAAP earnings per share to supplement Dell’s GAAP financial measures and to facilitate an enhanced understanding of historical results and enable more meaningful period to period comparisons.  Dell presents the non-GAAP financial measures to investors to provide greater transparency to the information Dell’s management uses in its financial and operational decision-making and to allow investors to see Dell’s operating results through the eyes of management.   Dell further believes that providing this information better enables Dell’s investors to understand Dell’s operating performance, and to better compare Dell’s current financial results with Dell’s past financial results.  There are, however, limitations to the use of non-GAAP financial measures.  Other companies, including companies in Dell’s industry, may calculate the non-GAAP financial measures differently than Dell does, limiting the usefulness of those measures for comparative purposes.  Further, non-GAAP financial measures are not an alternative to GAAP financial measures and should be read only in conjunction with financial information presented on a GAAP basis. Dell’s management compensates for the foregoing limitations by relying primarily on Dell’s GAAP results and using non-GAAP financial measures only supplementally.  Dell provides detailed reconciliations of each non-GAAP financial measure to its most directly comparable GAAP measure within the financial information included with press releases and in other written materials that include the non-GAAP financial measures, and Dell encourages investors to review the reconciliations in conjunction with the presentation of any non-GAAP financial measures.

The information in this Item 7.01 and Exhibits 99.1 and 99.2 furnished herewith shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in any such filing.

Item 9.01.  Financial Statements and Exhibits.

(d)   Exhibits.

99.1	Press release issued by Dell Inc. on December 16, 2009.
99.2	Investor presentation for Perot Systems Corporation integration conference call of December 16, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			DELL INC.
Date:	December 16, 2009	By:	/s/ Janet B. Wright
			Janet B. Wright
			Assistant Secretary

EXHIBIT INDEX

Exhibits	Description
99.1	Press release issued by Dell Inc. on Decmber 16, 2009.
99.2	Investor presentation for Perot Systems Corporation integration conference call of December 16, 2009.

EX-99.1

Exhibit 99.1

Dell Services Focusing on Simple, Effective, Best-Value IT Solutions for Customers

• Company Says Integration of Former Perot Systems Progressing Well
• Dell Expects Q4 Expense for Acquisition-Related Costs

ROUND ROCK, Texas--(BUSINESS WIRE)--December 16, 2009--Dell leaders today will tell investors and others that the company’s integration of Perot Systems into a broader Dell Services organization is progressing well, and will benefit customers by making information-technology solutions easier to access and simpler to manage.

“Dell now has a comprehensive and growing set of leading solutions that meet customer needs, so they can manage their IT most efficiently,” said Peter Altabef, president of Dell Services. “The Dell Services and Perot heritage of strong customer focus positions us extremely well to help customers of all types and sizes use IT to solve problems and derive the best value for their technology investments.”

According to Mr. Altabef, Dell Services is focused on combining its knowledge of different industries and requirements, together with Dell’s technology-platform expertise, to help customers succeed in:

• Reducing labor requirements by increasing automation;
• Applying appropriate “IT-as-a-service” models;
• Performing IT-related tasks—or having them done by Dell—remotely wherever possible; and
• Increasingly doing all of this based on technology industry standards.

Dell acquired Perot Systems on Nov. 3, in the process extending the reach of Dell Services into consulting, applications, business-process outsourcing and hosting. The combination immediately expanded Dell’s already significant range of managed and modular services, and makes all existing and future capabilities available to Dell’s large global customer base.

Mr. Altabef; Brian Gladden, Dell’s chief financial officer; Steve Schuckenbrock, president, Large Enterprises; and Paul Bell, president, Public, are to update investors and equity analysts on the progress of the integration in an 8 a.m. EST conference call today.

Dell will consolidate financial results from Perot Systems beginning with Dell’s fiscal fourth quarter, which ends Jan. 29. The company expects Q4 revenue from the former Perot Systems business to be similar to what Perot reported in its third quarter, though there is typically some seasonal softness in the fourth quarter.

Dell expects to recognize an estimated pretax expense of $120-130 million in the fourth quarter, and about $20-25 million per quarter throughout fiscal year 2011, for costs related to the Perot Systems acquisition. Dell anticipates amortization of intangibles related to the acquisition will be about $40-50 million in the fourth quarter as well as in each quarter of fiscal year 2011, in addition to the $40 million in amortization Dell typically reports in a quarter.

Separately, Dell said it will incur combined, pretax organizational-effectiveness expenses of $80-120 million in the fourth quarter resulting from the transfer of its Poland manufacturing facility, together with additional optimization of facilities, products and processes.

Additional information about the integration of Perot Systems and separate organizational effectiveness is available in the conference presentation.

Dell plans to report fourth-quarter financial results on Feb. 18.

About Dell

Dell Inc. (NASDAQ: DELL) helps customers succeed by understanding their issues and needs and delivering innovative, high-value IT solutions. For more information, visit www.dell.com. To communicate directly with Dell, go to www.dell.com/dellshares.

Special Note:

Statements in this press release that relate to future results and events (including statements about our future financial and operating performance, anticipated purchase accounting impacts, and any statements of the plans, strategies and objectives of management for future operations, including the execution of integration plans) are forward-looking statements based on Dell's current expectations. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including: weakening global economic conditions and instability in financial markets; our ability to re-establish a cost advantage over our competitors; our ability to generate substantial non-U.S. net revenue; our ability to accurately predict product, customer and geographic sales mix and seasonal sales trends; information technology and manufacturing infrastructure failures and breaches in data security; our ability to effectively manage periodic product transitions; disruptions in component or product availability; our reliance on vendors for quality product components, including reliance on several single-source or limited-source suppliers; our ability to access the capital markets; risks relating to our internal controls; potential unfavorable outcomes of tax matters and legal proceedings, including the continuing SEC investigation into certain accounting and financial reporting matters; our acquisition of other companies; our ability to properly manage the distribution of our products and services; the success of our cost-cutting measures; effective hedging of our exposure to fluctuations in foreign currency exchange rates and interest rates; counterparty default risks; obtaining licenses to intellectual property developed by others on commercially reasonable and competitive terms; our ability to attract, retain and motivate key personnel; loss of government contracts; expiration of tax holidays or favorable tax rate structures; changing environmental laws; and the effect of armed hostilities, terrorism, natural disasters and public health issues. For a discussion of those and other factors affecting our business and prospects, see Dell’s periodic filings with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements.

Dell is a trademark of Dell Inc. Dell disclaims any proprietary interest in the marks and names of others.

CONTACT:
Dell Inc.
Media Contacts:
512-728-4100
or
Jess Blackburn, 512-728-8295
jess_blackburn@dell.com
or
David Frink, 512-728-2678
david_frink@dell.com
or
Investor Relations Contacts:
Robert Williams, 512-728-7570
robert_williams@dell.com
or
Shep Dunlap, 512-723-0341
shep_dunlap@dell.com

EX-99.2

Exhibit 99.2

1 Brian Gladden Steve Schuckenbrock Senior Vice President and CFO President, Large Enterprise Peter Altabef Paul Bell President, Dell Services President, Public December 16, 2009

2 Safe Harbor Statements in this presentation that relate to future results and events (including statements about our future financial and operating performance, anticipated purchase accounting impacts, and any statements of the plans, strategies and objectives of management for future operations, including the execution of integration plans) are forward-looking statements based on Dell's current expectations. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors, including: weakening global economic conditions and instability in financial markets; our ability to reestablish a cost advantage over our competitors; our ability to generate substantial non-U.S. net revenue; our ability to accurately predict product, customer and geographic sales mix and seasonal sales trends; information technology and manufacturing infrastructure failures and breaches in data security; our ability to effectively manage periodic product transitions; disruptions in component or product availability; our reliance on vendors for quality product components, including reliance on several single-source or limited-source suppliers; our ability to access the capital markets; risks relating to our internal controls; potential unfavorable outcomes of tax matters and legal proceedings, including the continuing SEC investigation into certain accounting and financial reporting matters; our acquisition of other companies; our ability to properly manage the distribution of our products and services; the success of our cost-cutting measures; effective hedging of our exposure to fluctuations in foreign currency exchange rates and interest rates; counterparty default risks; obtaining licenses to intellectual property developed by others on commercially reasonable and competitive terms; our ability to attract, retain and motivate key personnel; loss of government contracts; expiration of tax holidays or favorable tax rate structures; changing environmental laws; and the effect of armed hostilities, terrorism, natural disasters and public health issues. For a discussion of those and other factors affecting our business and prospects, see Dell’s periodic filings with the Securities and Exchange Commission. We assume no obligation to update forward-looking statements.The discussions during this conference call will include non-GAAP net income and non-GAAP earnings per share, which are not measurements of financial performance prepared in accordance with U.S. generally accepted accounting principles.  We have provided a reconciliation of non-GAAP net income and non-GAAP earnings per share to their most directly comparable GAAP financial measure and we encourage investors to review the reconciliation in conjunction with the presentation of non-GAAP financial measures.  A detailed discussion of our use of non-GAAP financial measures can be found in Dell’s Form 8-K dated  December 16, 2009.

3 Dell SERVICES Dell & PEROT SYSTEMS Peter Altabef President, Dell Services

4 Our view of the opportunity… Large, yet fragmented industry IT is now embedded in the business cycle 3 – 4% of GDP and subject to ups & downsIndustry remains fragmented 90 companies with IT services revenues >$1 billion Only four companies offer a set of integrated service offerings And only one of these companies has a services share >7% Dell Services is a top 10 global service provider able to address all segment offerings $800 Billion IT Services Spend HW Support$90B SW Support$61B IT Consulting$73B Development & Integration$243B Process Management$122B IT Management$226B Industry Dynamics Source:  Gartner, Dataquest Market Databook, September 2009 UpdateFigures in bil USD & based off of 2010 forecast

5 Our view of the opportunity… Need to move the needle on labor efficiency More than 50% of IT budgets are spent on maintenance and labor Dell’s innovations in server, storage, and services solutions are focused on reducing maintenance and labor costs Competition requires adaptation to different service delivery models Industry Dynamics HW & Maintenance SW Administration Operate 9% 45% 30% 16% Client Costs Datacenter Costs 5% 10% 25% 10% 7% 11% 9% 23% Network Deploy Operate Facilities Support Hardware SW Plan Source: Dell Services 1 2 3

6 The Dell approach to services Redefining services delivery Modular Less labor—more automation Consistently delivered globally Service ready hardware that saves customers money Domain knowledge to deliver business outcomes Industry best practices and global standards that yield process improvements We’re redefining services by making them easier to access, simpler to manage, and most importantly by aligning our solutions to customers success Deliver more services remotely Software / Infrastructure ‘as-a-service ’ solutions to meet business results Industry Legacy Services Approach Dell Services Approach High Cost Services Army of Consultants Closed Processes Proprietary SW Tools Proprietary HW Stack Locked Frameworks Remote Expert

7 Dell Strengths Configuration Deployment Modular Svcs Support Perot Systems Strengths Applications Data Center Industry Solutions Consulting IT Outsourcing 2.5+ million desktops under management Deploy over 4 million systems annually Global infrastructure supporting the delivery of over 13 million warranty service events across 180 countries through 492 part hubs and 452 part suppliers Dell maintains 300 terabytes of customer data managing their 21,000 images #1 Ranking in Healthcare Information Systems Contractors1 #1 Information Technology Outsourcing Vendor2 Top Provider of IT Services for Government3 #1 ranking for Revenue Cycle Management Services4  Highly ranked in Gartner’s Magic Quadrants Why Dell and Perot systems… History of innovation and customer service Source:  Dell Services and 1) Gartner’s Industry IT Services Worldwide Market Share Database; 2) 2008 Black Book of Outsourcing report; 3) Washington Technology's Top 100 List;  4) Black Book of Outsourcing Healthcare Industry

8 Dell’s Integrated Portfolio Comprehensive set of enhanced service offerings Support Services Extended Warranty Enhanced Support Managed Services End User Data Center Network Information Assurance Hosting Software/Infrastructure ‘as-a-Service’ Client Software Desktop Servers and Storage Enterprise Management Software Business Continuity Software Applications Services Custom Development Business Intelligence Enterprise and Industry Applications Modernization Management Testing Business Process Services (BPO) Revenue Cycle Outsourcing Policy Administration Physician Services Engineering Services Outsourcing Customer Management Government Office  IT Consulting Enterprise Architecture Service ManagementData Center InfrastructureEnterprise Applications RationalizationEnd User ComputingVirtualization & Cloud Integration Data Management Business Consulting Strategy Consulting Process Re-engineering Supply Chain Re-engineering Organizational Change Management Clinical Transformation Dell Legacy Perot Systems Legacy

9 Dell Services Strength of our Combined Business Model Intense Customer Focus Domain-Knowledge Breadth of Services Global Delivery Model Recurring Revenue Attribute Description Strong customer heritage of both companies focused on the delivering best-value solutions Large Enterprise, Government and HealthcareCompetitive advantage through industry-focused solutions Have service offerings that facilitate cost efficiencies, operational improvements, a stronger customer-facing presence, and reduce time to new product development Lower cost for customers… All major solutions are globally-delivered in an integrated and seamless manner $7.4 billion enhanced services backlog of future contracted business, and $5.9 billion of enhanced services deferred revenue

10 Dell Enhanced Services $7.5B Global Services Business Revenue Composition $7.5B revenue (3Q Annualized Revenue) (future contracted revenue) $5.9B in deferred revenue 42,000 total headcount 38% of headcount in low-cost geographies Supporting nearly 15 million systems Managing over 2 million seats Serving 5,000 SaaS customers Key Metrics Consumer 9% SMB 12% Large Enterprise 32% Public 47% BPO 7% Consulting & Applications 18% Infrastructure Technology 75% APJ 9% EMEA 18% Americas 73% Business Unit Service Offering Geography Source: Dell Enhanced Services 3Q Combined Revenue

11 Dell Services Public Paul Bell President, Public

12 Dell Services – Public Broadening Industry and Solutions Portfolio Civilian Defense Education Homeland Security Intelligence State and Local Health Information Exchanges Health Insurance Connectors Health Insurance Hospitals Life Sciences Pharmaceutical Physicians Business Processes Continuity of Operations Cyber Security Data Assurance Engineering and Technical Services Enterprise Strategy and Modernization IT Management Logistics Support Privacy and Compliance Research Systems Administration Support and Management Business Processes Clinical and Business Consulting Electronic Health Records Management Health Information Exchanges IT Outsourcing and Virtualization Revenue Cycle Solutions Industries Industry Solutions Industries Industry Solutions Healthcare Government

13 Dell Perot Systems Healthcare Solutions to help improve patient care Puts technology in the hands of healthcare professionals at the point of care Improves clinical decision-making and efficiency Single sign-on, fast log in On-demand desktop streaming Dedicated remote workstation End-to-end implementation and support Mobile Clinical Computing Virtual Electronic Medical Records (EMR) A SaaS solution, Dell and Perot Systems create and host a secure, private cloud-based EMR solution as an alternative to dedicated, on-premise systems Makes EMR adoption easier by eliminating the need to purchase, deploy and maintain hardware and software onsite, reducing up-front capital requirements and accelerating time to positive ROI Simplifies the challenge of achieving “meaningful use” as defined in the American Recovery and Reinvestment Act of 2009 Dell’s Affiliated Physician EMR Solution lets hospitals sponsor their affiliated physicians with an EMR solution that is interoperable with the hospital’s own health information systems

14 Dell Services Large Enterprise Steve Schuckenbrock President, Large Enterprise

15 Large Enterprise Pipeline Focused on capturing white space Excellent reference accounts, but need to scale and double the size of opportunities Now formalizing capture of pipeline for Large Enterprise Customers are shifting to smaller and shorter deals focused on customer cost savings Average total contract value $25-30M Average contract term ~6yrs Contracts greater than $200M TCV exist, but there are fewer today Sales Pipeline Enhanced Services Revenue Mix A lot of white space in LE Commercially Geographically Dell Perot 26% 74% 54% 46% LE Public

16 Dell’s Integrated Portfolio Large Enterprise focus on extended services Support Services Extended Warranty Enhanced Support Managed Services End User Data Center Network Information Assurance Hosting Software / Intrastructure ‘as-a-Service’ Client Software Desktop Servers and Storage Enterprise Management Software Business Continuity Software Applications Services Custom Development Business Intelligence Enterprise and Industry Applications Modernization Management Testing Business Process Services (BPO) Revenue Cycle Outsourcing Policy Administration Physician Services Engineering Services Outsourcing Customer Management Government Office IT Consulting Enterprise Architecture Service Management Data Center Infrastructure Enterprise Applications Rationalization End User Computing Virtualization & Cloud Integration Data Management Business Consulting Strategy Consulting Process Re-engineering Supply Chain Re-engineering Organizational Change Management Clinical Transformation Dell Legacy Perot Systems Legacy

17 Dell Services – Large Enterprise Excellent capabilities, But need to scale Consumer Packaging Consumer Products and Retail Energy Freight and Logistics Manufacturing Technology Telecommunications and Mobility Travel and Transport Commercial Capital Markets Commercial and Retail Banking Insurance Payments and Credit Cards Asset and Fleet Management Back-Office Services Billing and Collections Engineering Outsourcing ERP Implementation Reservations and Customer Service Supply Chain Transportation and Warehousing Financial Card Systems Transformation Enterprise Risk Management Insurance Claims Processing Insurance Policy Administration Operations and Fulfillment Mobile Banking and Payments Industries Industry Solutions Industries Industry Solutions

18 Dell Services Financial Implications Brian Gladden Senior Vice President and CFO

19 Perot Integration Plan A model we will be using for future acquisitions GOVERNANCE Integration steering committee owned by CEO’s leadership team Alignment of objectives and incentives EXECUTION ON VISION / SYNERGIES Synergy execution plans in process (30-60-90 day targets) Key integration metrics established and tracked including employee and customer retention, revenue, OpInc, and cost synergy targets Go-to-market focus with sales training, toolkit & playbook Standardize corporate functions and financial processes PEOPLE MANAGEMENT Communicate via weekly steering committee meetings Retention of key talent Dedicated integration executives leading 60 person team Integration experience 17 functional work streams LEADERSHIP Key Success Factors Actions

20 Combined Enhanced Services Growth $650M Revenue Synergies Go-to-Market Opportunities Short term – quick-start opportunities Cross-selling of existing solutions Elimination of margin stacking Pass-thru HW and support Medium term – vertical growthHealthcare – Electronic Health Records; will ramp sharply in FY’12 Government – Dell Services is now a prime contractor on HW and services Commercial – expand vertical solutions   Long term – geographic expansionIncrease sales and service capability Geographic expansion Select acquisitions Revenue Synergies $150M $370M $650M Vertical growth Quick-start opportunities FY 2011 FY 2012 FY 2013 $- $100 $200 $300 $400 $500 $600 $700 Source: Dell Services Estimates

21 Cost Synergies Targeting $300M+ in combined Cost Reductions IT consolidation savings related to Dell’s corporate infrastructure and applications Opex reductions related to eliminating duplicate functions within G&A Other purchasing and services delivery costs Savings continue to be validated via integration work streams Cost Reductions Cost Synergies (Cumulative Amount to Baseline) Source: Dell Services Estimates $100M $225M $300M+ FY 2011 FY 2012 FY 2013 $- $50 $100 $150 $200 $250 $300 $350

22 Financial Implications Purchase Accounting Perot Systems related items* Goodwill of $2.3-2.6B will appear on balance sheet Intangible assets of $1.1-1.3B Amortization of purchased intangibles will be roughly $40-50M per quarter in year one Acquisition related expenses will be $120-130M in Q4, and roughly $20-25M per quarter throughout FY’11 Schedule of amortization of intangibles and acquisition related expenses: Amortization of Intangibles Acquistion related expenses 4Q FY10 FY 11 FY 12 FY 13 $40-50M $175-200M $150-175M $125-150M $120-130M $80-100M $40-60M * All estimates pending completion of purchase accounting

23 Financial Implications Dell’s 4Q’10 results will consolidate Perot Systems results Approximately 72% of quarterly revenue comes from backlog Expect revenue similar to 9/30 results, though Perot typically sees some seasonal softness in the fourth quarter Accretive in year-one on a non-GAAP basis TTM CFOps $240M Focused on cash earnings of the business $ millions 12/31/08 3/31/09 6/30/09 9/30/09 Historical P&L* Revenue $683 $621 $628 $629 COGS 559 503 503 507 Gross Margin 124 118 125 122 Opex 77 79 77 79 OpInc 47 39 48 43 Gross Margin, % 18.2% 19.0% 19.9% 19.4% OpInc, % 6.9% 6.3% 7.6% 6.8% Cash Flow from Operations $79 $21 $55 $85 * Perot Systems consolidated results

24 Supplemental Non-GAAP measures Definition* Non-GAAP financial measures exclude the effects of the following items from GAAP net income and GAAP earnings per share Amortization of purchased intangible assets Organizational effectiveness actions Acquisition related costs * A detailed discussion of our use of non-GAAP financial measures can be found in Dell’s Form 8-K dated December 16, 2009.

25 Supplemental Non-GAAP Measures Consolidated Dell Results The following table sets forth, for the fiscal periods presented, a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. 4Q’10 estimates are based on preliminary information subject to change. 1Q'09 2Q'09 3Q'09 4Q'09 1Q'10 2Q'10 3Q'10 4Q'10 5) GAAP Net Income 784 616 727 351 290 472 337 EPS $0.38 $0.31 $0.37 $0.18 $0.15 $0.24 $0.17 Adjustments 1) Income before Income Taxes Amortization of Intangibles 26 27 26 26 39 40 40 80-90 OE Expenses 2) 106 25 17 134 185 87 123 80-120 Acquisition Related 3) - - - - - - - 120-130 Other 4)  - - - 104 - - - Aggregate Tax-adjustments (27) (15) (14) (61) (28) (24) (51) EPS - Diluted $0.05 $0.02 $0.01 $0.11 $0.10 $0.05 $0.06 Non-GAAP Net Income 889 653 756 554 486 575 449 EPS $0.43 $0.33 $0.38 $0.29 $0.25 $0.29 $0.23 1) A detailed discussion of our use of non-GAAP financial measures can be found in Dell’s Form 8-K dated December 16, 2009; 2) Organizational Effectiveness expenses;  3) Acquisition related adjustments including incremental amortization of intangibles are based on preliminary purchase accounting estimates;  4) Stock Option Accelerated Vesting Charges;  5) Estimates for Dell’s fiscal 4Q’10 Estimates for 4Q’10 Incremental amortization of intangibles $40-50M/qtr for a total of $80-90M/qtr Organizational effectiveness expenses of $80-120M  Due to sale of Poland manufacturing facility Additional optimization of facilities, products and processes Acquisition related expenses of $120-130M

26 Balance Liquidity, Profit & Growth LONG-TERM VALUE CREATION Improve Core Business – $4B cost savings (including client reinvention) – Improvements to Dell.com – Deepening relationships in customer BU’s 2) Shift Portfolio to high-margin and recurring revenue offerings – Differentiated view of how to win in enterprise – Best value enterprise solutions – Inorganic growth is a strategic priority 3) Balance liquidity, profitability and growth – Long-term value creation framework Financial Framework Market + Mix + Strategic Alternatives COGS + Opex + Strategic Alternatives WC + CCC + Net Income Revenue +5-7% CAGR OpInc Margins 7+% CFOps > Net Income Strategic Priorities

27 Q&A

28 Summary Dell Services is… A top 10 global service provider Only one of 4 integrated service providersFocused on improving labor efficiency and reducing costRedefining services delivery by making them modular, easier to access,  and simpler to managePositioned in key verticals with compelling growth trendsStrategic and financially accretive on a non-GAAP basis